Court Orders Forfeiture Of Emefiele’s $2.4m, Lagos, Delta Assets

On Thursday, the Federal High Court in Lagos issued an order for the interim forfeiture of $2.04 million and seven properties associated with former Central Bank of Nigeria Governor, Godwin Emefiele. The order, granted by Justice Akintayo Aluko, came in response to an application by the Economic and Financial Crimes Commission (EFCC), which is probing Emefiele’s alleged involvement in fraudulent activities.

The properties under scrutiny include high-value real estate in Lekki and Ikoyi, Lagos, as well as an industrial complex under construction in Agbor, Delta State. Justice Aluko emphasized that the interim forfeiture was essential to prevent the potential loss of assets suspected to be acquired through illegal means.

The court also ordered the temporary forfeiture of two share certificates from Queensdorf Global Fund Limited Trust, a company allegedly linked to Emefiele. EFCC counsel, Rotimi Oyedepo (SAN), argued that these assets were likely obtained through fraudulent activities, invoking Section 17 of the Advance Fee Fraud Act and Section 44 (2)(b) of the Nigerian Constitution as the legal basis for the forfeiture.

The EFCC’s investigation revealed that Emefiele had allegedly arranged kickbacks in exchange for foreign currency allocations to businesses. Evidence, including title documents, was reportedly recovered from properties connected to Emefiele.

Justice Aluko instructed the EFCC to publicize the forfeiture order in a national newspaper, allowing 14 days for any interested parties to contest the forfeiture. The case is set for further hearing on September 5, 2024.

This forfeiture order is the latest in a series of actions against Emefiele, who faces multiple corruption charges. Earlier in May, the same court ordered the forfeiture of $1.4 million linked to Emefiele and issued additional forfeiture orders on substantial sums and properties.